Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)
Notes on clauses
Clause 1 - Short title
This clause sets out the short title of the Act.
Clause 2 - Commencement
This clause specifies when the provisions of the Act are to commence.
Sections 1, 2 and 3 and Schedule 5 commence on the day on which the Act receives royal assent.
Items 77 to 90 of Schedule 1, which amend the Trade Practices Act 1974 , also commence on that day.
The other items in Schedule 1, and Schedules 2 and 4, will commence on a day or days fixed by Proclamation. This will enable particular amendments to come into effect when corresponding amendments to State laws come into effect. If an item has not been proclaimed to commence within 6 months from the day on which the Act receives royal assent, it will commence on the first day after that period.
Schedule 3 is taken to have commenced immediately after the commencement of the items in Schedule 4 to the Corporate Law Economic Reform Program Act 1999 (CLERP Act) which had the effect of removing the Federal Courts jurisdiction in relation to actions for misleading or deceptive conduct in relation to dealings in securities. These provisions of the CLERP Act commenced on 13 March 2000. This retrospective operation of Schedule 3 will ensure that there is no lacuna in the Federal Courts jurisdiction in respect of these matters.
Clause 3 - Schedules
This clause provides that the Acts specified in the Schedules are amended as set out in the relevant items of the Schedules. Other items in the Schedules (including transitional provisions) have effect according to their terms.